What to do when home listing expires

Wishful thinking will not sell your house

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Three months was more than enough time last year for home listings in many areas to sell and even close. But now listings are expiring unsold, often leaving sellers wondering what to do next. It's possible that the term of the listing agreement -- often 90 days -- was unrealistic given current market conditions in the area. Sellers of expired or soon-to-be-expired listings should ask their agent to provide a printout from the multiple listing service showing all the sales in the area of somewhat comparable properties. Make sure the data includes the number of days the listing was on the market from list date to pending date and from listing to closing. A listing is pending when the sellers have accepted a purchase offer. You may discover that your expectations were out of line with the market because it's taking more than three months to sell most homes in your area. If so, and if you're satisfied with the marketing service your agent has provided, extend the listing agreement. Selle...